Sees immense opportunities for investment in the country

The Mahindra group is all set to expand its business in Sri Lanka by venturing into hospitality and finance.

Group Vice-Chairman and Managing Director Anand Mahindra, who met President Mahinda Rajapaksa and other officials in the island nation, said Sri Lanka was poised to register a double digit growth in the post-conflict era.

“The Mahindra group has a long and enduring association with Sri Lanka which is a strategic market for us. As a diversified federation of companies with a presence in several industries, we see immense opportunities for investment in the country. Over the years, our vehicles and tractors have acquired a reputation as fuel efficient, tough and rugged workhorses and we now look forward to expanding our footprint in the emerald isle, as it takes a step towards greater economic progress,'' said Mr. Mahindra.

Mahindra has already established a base for itself in Sri Lanka where it has been selling its range of tractors and utility vehicles for over a decade. Its automotive sector has sold over 4,000 vehicles in Sri Lanka since its market entry.

“In fact, we are the market leader in the plus one tonne pick up category. India's No. 1 compact truck, the Mahindra Gio, which was launched in Sri Lanka a few months ago, has evoked a good response. In keeping with our long-term plans for this region, we are soon going to enhance our current product portfolio in the market with the launch of several new products, including the Maxximo, a technologically modern sub-1 tonne pick-up and heavy commercial vehicles. We are also studying the possibility of introducing an electric car — the Mahindra Reva — in Sri Lanka in future. Our channel partner for vehicles, Ideal Motors, has created a countrywide sales and service network and has also expanded operations in North and East areas of the country.''

Mr. Nalin Welgama, Chairman, Ideal Motors (Private) Ltd., automobile distributor of the Mahindra group in Sri Lanka, in his remarks said his company was happy to be associated with Mahindra in Sri Lanka where it was a well respected brand name.

More In: Companies | Business